Golden Mile Complex - Singapore's urban icon, for sale by tender

08 Jan 2019
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Golden Mile Complex, Singapore’s urban icon, for sale by tender

SINGAPORE, 8 January 2019 – As the sole marketing agent for the collective sale of Golden Mile Complex, Edmund Tie & Company (ET&Co) is pleased to inform that the Urban Redevelopment Authority (URA) has advised that a gross floor area (GFA) of 85,977.5 sq m can be considered. This is subject to the conservation of the main building of Golden Mile Complex.

Outline Application has been submitted to retain the existing 16-storey building and to add a new block next to the building. The planning advice from URA indicates that under the existing Commercial zone, the property may be developed as an integrated development comprising uses such as retail, office, residential, serviced apartments and hotels.

The property has a land area of approximately 1.3 hectares and is zoned for Commercial use under Master Plan 2014.

Golden Mile Complex is an iconic development occupying a prominent plot along Beach Road, boasting commanding dual frontage along Beach Road and Nicoll Highway with panoramic city and sea views. It is strategically positioned at the gateway to the city centre just outside the Electronic Road Pricing zone and just a stone’s throw away to Nicoll Highway MRT station on the Circle Line (CCL). Its signature step-terraced building design is a visionary architectural masterpiece and is Singapore’s icon of urbanism. DP Architects (formerly known as Design Partnership), who designed Golden Mile Complex in the 1960s as one of the first Government Land Sale sites, is on board as Consultant Architect for the development as appointed by the Collective Sale Committee. 

Located within the Beach Road/Ophir-Rochor Corridor which is envisioned to be a vibrant mixed-use cluster under Master Plan 2014, Golden Mile Complex presents an exceptional opportunity to create a landmark destination at Beach Road, integrating work, live, and play elements.

Senior director of investment advisory Swee Shou Fern commented: “Golden Mile Complex is a national icon that has shaped the visual character of our built landscape. We are proud to present this rare opportunity for adaptive reuse. Its distinctive architecture and worldwide iconic status will offer tremendous potential to transform the property into an exciting work-live-play destination in this growth area. The new Golden Mile Complex will be an essential part of the rejuvenation of the Beach Road corridor. This unique adaptive reuse opportunity provides the developer with the chance of incorporating a new vision into this iconic development. Many exciting development concepts may be considered for the property.”

The reserve price for the property is $800m. The differential premium and lease upgrading premium to intensify the land use and to top up the lease to 99 years respectively will depend on the developer’s proposed land use mix.

The tender exercise will close on Wednesday, 30 January 2019 at 3pm.

ENDS

For further information, please contact:

Vanessa Lim

Manager, Corporate Communications

+65 6393 2369

This email address is being protected from spambots. You need JavaScript enabled to view it.

About Edmund Tie & Company

Edmund Tie & Company (ET&Co) is a full-service, real estate consulting firm with more than 400 skilled professionals in the region. It is headquartered in Singapore and supported by offices in Kuala Lumpur, Malaysia, and Bangkok, Thailand. ET&Co offers a comprehensive suite of agency and professional services including investment advisory, business space and retail, residential agency, auction and sales, valuation advisory, statutory valuation and property tax advisory, research and consulting, property management, and hospitality management. For more information, please visit www.etcsea.com.

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